Slides
Page 1
INTERIM REPORT Q3 2026 INVESTOR PRESENTATION OCTOBER 22, 2026
Page 2
Justice, 56 % Police station, 25% Prison, 17 % Custody unit, 8 % Courthouse, 2% Other justice, 4% Higher education 21% Healthcare 9% Other Public 11% Non public 3% South 41% East 35% North 13% West 11% INTEA IN BRIEF Loan To Value 47.7% (46.3%) Rental income, SEKm 1,376 (1,109) Growth in NRV3) 16.2% (10.4%) Growth in Profit from Property Management3) 23.5% (37.2%) Interest Coverage Ratio2) 4.1x (3.9x) Surplus ratio 83.7% (84.9%) Average yield1) 5.8% (5.5%) Public sector Tenants4) 97.1% (96.7%) Key events in Q3 2026 Issuance of three green bonds totalling SEK 1.95bn and repurchase of bonds totalling SEK 1.1bn. Completion of the Train depot in Falköping with an investment of SEK 245m and an annual contracted rent of SEK 14m. Key events after Q3 2026 New project of approx. SEK 50m with Västra Götalandsregionen in Trollhättan with an estimated annual contracted rent of approx. SEK 4m. Closing of the acquisition of the newly completed Ångermanland District Court in Härnösand. The investment amounted to SEK 273m, and the annual contracted rent amounted to SEK 19m. 1) NOI (earning capacity per Q3 2026) divided by property value (excl. unused building rights and ongoing projects). 2) Q3 2026 (Q3 2025). 3) Per class A and B share. 4) Calculation based on contracted rent. Property value, SEKbn Contracted rent, SEKbn 1.8 (1.5) 30.3 (25.7) Overview KPI:s for Jan-sep 2026 (Jan-sep 2025)
Page 3
STRONG DEVELOPMENT IN THE QUARTER Rental income +18.1% (+2.9%) 1) 1) Like For Like. 2) Per class A and B share. NOI +16.6% (+0.7%) 1) SEKm Q3 2026 Q3 2025 Rental income 463 392 NOI 397 341 Central administration -17 -14 Net financial items -93 -85 Profit from property management 287 242 Changes in value investment properties 147 168 Changes in value derivate instruments 349 124 Non-current assets 0 -17 Profit before tax 783 517 Tax -166 -107 Profit after tax 617 410 Malmö, Niagara 2, University 301 316 356 361 392 452 456 457 463 130 156 198 207 242 257 264 278 287 74% 76% 78% 80% 82% 84% 86% 88% 0 50 100 150 200 250 300 350 400 450 500 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Rental income, surplus ratio and profit from property management Rental Income, SEKm Profit from property management, SEKm Surplus ratio, % Profit from property management +18.8% (+17.6%) 2)
Page 4
SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER Closed acquisition Lettable area: - WAULT: 24 years Annual rental value: SEK 14m1) - Investment: SEK 245m1) Train Depot phase 2, Falköping Completion, Q3 2026 Completed project 1) Pending final settlement. 2) The rental value includes a non-indexed annuity-based rent supplement of approximately SEK 5m per year for ten years. 3) Investment after deduction for deferred tax. Lettable area: 4.3 tsqm WAULT: 15 years Annual rental value: SEK 19m2) - Investment: SEK 273m3) New project Ambulance station, Trollhättan Estimated completion, Q4 2028 Lettable area: 1.9 tsqm WAULT: 15 years Estimated rental value: SEK 3.6m - Estimated investment: SEK 50m District Court, Härnösand Closing, October 2026
Page 5
SELECTION OF ONGOING PROJECTS1) 1) For more information about ongoing projects, see Interim report Q3 2026. 2) Estimated rental value includes a non-indexed preliminary annuity-based rent supplement of approximately SEK 59m per year calculated on the basis of actual project costs and paid throughout the initial lease term of 25 years. Justice Lettable area: 21.9 tsqm WAULT: 25 years Estimated rental value: SEK 96m2) Estimated investment: SEK 1,450m Custody unit, Gävle Estimated completion, Q2 2030 Lettable area: 11.2 tsqm WAULT: 25 years Estimated rental value: SEK 52m Estimated investment: SEK 760m Prison phase 1, Kristianstad Estimated completion, Q4 2026
Page 6
Justice 100% Higher education 0% 12.1 SEKbn <10 yrs 5% 10-15 yrs 26% 16-20 yrs 23% >20 yrs 46% 21 years Justice 100% Higher education 0% 834 SEKm Justice, 56 % Police station, 25% Prison, 17 % Custody unit, 8 % Courthouse, 2% Other justice, 4% Higher education 21% Healthcare 9% Other Public 11% Non public 3% Higher education 14% Health care 6% Other Public 8% Non-public 2% Justice, 69% Police facility, 26% Prison, 22% Custody unit, 18% Courthouse, 1% Other justice, 3% 2,735 SEKm PROJECT PIPELINE1) AS PER Q3 2026 Average lease period (lettable area) Share of estimated total investment3) Estimated additional rental value2) through the project portfolio, SEKm Estimated investments by category and estimated WALT Rental value as per September 30, 2026 (category) Rental value post ongoing projects (category) Estimated NOI 6 +186 tsqm 1) Projects with a total investments of > SEK 20m. 2) The additional rental value includes non-indexed preliminary annuity-based rent supplements. For more information see Interim report Q3 2026. 3) Estimated remaining investment in ongoing projects amounts to SEK 9.7bn as of September 30, 2026. Ongoing projects are defined as projects with signed leases, project development agreements or awards in landlord procurement processes where a lease agreement has not yet been signed. 1 857 1 857 1 857 1 857 1 857 52 144 396 552 878 1 909 2 001 2 254 2 409 2 735 2026P 2027P 2028P 2029P 2030P Rental value Additional rental value from ongoing projects 1,857 SEKm
Page 7
0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 86,0% 88,0% 90,0% 92,0% 94,0% 96,0% 98,0% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Share of public tenants and WAULT Share of public tenants, % WAULT, year 3% 1% 6% 1% 2% 37% 51% 2026 2027 2028 2029 2030 2031 >2031 Expiry profile annuity-based rent supplements, share of total, %1) PUBLIC SECTOR TENANTS AND LONG WAULT Östersund, Artilleristen 1, University Target: > 90% 1) For the supplements that expire after 2031, the major part is attributable to three lease agreements: 10 percent expire in 2037, 21 percent expire in 2045, and 13 percent expire in 2049 (share of total). Some supplements may be included in leases where the contracted annual rent expires at a later stage. 1) Share of total contracted rent. 1,0% 4,9% 11,4% 9,0% 9,5% 17,9% 43,4% 2026 2027 2028 2029 2030 2031 >2031 Lease expiry profile, share of contracted rent public tenants, %1) Average annual indexation, 73% 236 Annuity-based rent, SEKm
Page 8
PROPERTY VALUE AND YIELD 1) Based on Earning Capacity as of September 30, 2026, with NOI amounting to SEK 1,551m and Investment properties (excluding projects and unused building rights) amounting to SEK 26,884m. Halmstad, Fanan 54, University 5,2% 5,2% 5,5% 5,5% 5,9% 5,8% 5,8% 5,8% 4,4% 4,6% 4,8% 5,0% 5,2% 5,4% 5,6% 5,8% 6,0% 14 000 16 000 18 000 20 000 22 000 24 000 26 000 28 000 30 000 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Property value and yield1), SEKm and % Property value, SEKm Yield, %
Page 9
SOLID CASHFLOW FROM OPERATIONS 1) Total investments during Q3 2026 amounted to SEK 351m (212) of which maintenance capex amounted to SEK 15m (9). Total investments LTM amounted to SEK 3,626 (2,429) of which maintenance capex amounted to SEK 78m (49). Kristianstad, Näsby 34:24, University -100 100 300 500 700 900 1100 0 50 100 150 200 250 300 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Cashflow from operating activities before changes in working capital, SEKm Cashflow from operating activities (quarter), SEKm (left) Cashflow from operating activities (LTM), SEKm (right) 348 0 500 1000 1500 2000 2500 3000 3500 4000 0 500 1000 1500 2000 2500 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Investments1), SEKm Projects, SEKm (left) Acquisitions, SEKm (left) Investments in total (LTM), SEKm (right) 78 SEKm Maintenance Capex (LTM), SEKm
Page 10
2,8 3,5 3,5 3,9 3,8 3,9 4,2 4,1 2,4 2,7 2,9 3,4 3,7 3,8 3,9 4,0 0,0 1,0 2,0 3,0 4,0 5,0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Interest coverage ratio, x ICR x (Quarter) ICR x (LTM) 50,5% 49,8% 46,8% 46,3% 46,5% 46,5% 47,6% 47,7% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Loan-to-value ratio, % LTV, % STRONG FINANCIAL POSITION 1) Adjusted Net Debt/EDITDA is calculated excluding debt related toproject properties. Not a financial target as of today. Target: 50-55% Not exceed 60% Target: > 2.0x in long term 12,4 10,8 10,2 9,1 9,3 9,4 9,7 9,5 10,1 9,6 9,0 8,1 8,0 7,7 7,7 7,4 0 2 4 6 8 10 12 14 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Debt/EBITDA1) Net Debt/EBITDA Adjusted Net Debt/EBITDA
Page 11
11,4% 12,3% 38,2% 11,1% -4,2% 5,5% 34,7% 24,3% 29,9% 17,6% -10,0% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 Growth in profit from property management, % per class A and B share CONTINUED GROWTH 1) The number of Class A and B shares as per September 30, 2026, amounted to 214.2 million (September 30, 2025, 214.2 million). Target: >12% growth 0,79 0,85 0,86 0,99 1,03 1,06 1,12 1,16 2,77 3,03 3,23 3,52 3,74 3,94 4,20 4,37 2,20 2,70 3,20 3,70 4,20 4,70 0,00 0,20 0,40 0,60 0,80 1,00 1,20 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Profit from property management, SEK per class A and B share Profit property management per A/B-share, SEK (left) Profit property management per A/B share (LTM), SEK (right) 24,9% 19,3% 55,2% 7,7% -6,7% 2,2% 18,4% 18,9% 16,2% 16,2% -10,0% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 Annual growth in NAV1) (EPRA NRV), % per class A and B share Avg. 17.3% Target: >12% growth Avg. 20.7% 45,88 47,47 49,19 50,84 53,84 55,97 56,14 58,07 44,00 46,00 48,00 50,00 52,00 54,00 56,00 58,00 60,00 5 000 5 800 6 600 7 400 8 200 9 000 9 800 10 600 11 400 12 200 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Long-term NAV1) (EPRA NRV), SEKm and SEK per class A and B share Long-term NAV, SEKm (left) Long-term NAV per Class A and Class B share, SEK (right)
Page 12
1 074 503 279 992 1 410 1 302 1 600 1 100 1 200 1 150 4 343 2 350 1 000 1 000 700 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 0-1 years 1-2 years 2-3 years 3-4 years 4-5 years >5 years Credit term structure, SEKm Secured debt (bank) Bonds Commercial papers Unutilised credit facilities STRONG BALANCE SHEET AND WELL BALANCED DEBT PROFILE Financial KPI:s Q3 2026 Q3 2025 Interest-bearing debt, SEKm 14,953 12,193 Average interest rate, % 2.84 2.91 Capital commitment, years 3.8 2.4 Fixed-interest period, years 3.6 4.7 Interest rate hedging ratio, % 102 115 Unutilised credit facilities, SEKbn 5.1 1 000 3 723 1 500 850 1 000 6 650 2,83% 2,58% 2,04% 3,17% 2,20% 2,99% 0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 0-1 years 1-2 years 2-3 years 3-4 years 4-5 years >5 years Interest rate term structure, SEKm and % Amount Average interest rate 2,89% 2,78% 2,95% 2,91% 2,87% 2,75% 2,85% 2,84% -0,50% 0,25% 1,00% 1,75% 2,50% 3,25% 4,00% 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Debt structure and interest rate, SEKm and % Secured debt, SEKm Bonds, SEKm Commercial papers, SEKm Average interest rate, %
Page 13
GOOD ACCESS TO CAPITAL BBB Long-term rating N-3 Short-term rating Stable Outlook Investment grade credit rating shall be maintained Skövde, Stora Mörke 18, University 0 10 20 30 40 50 60 70 80 90 100 110 120 130 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 Spread (mid, bps) Years to Maturity Intea Spread Curve Development Intea (02-Jul-26) Intea (01-Oct-26)
Page 14
EARNING CAPACITY SEKm October 1, 2026 October 1, 2025 Rental income 1,837 1,547 NOI 1,551 1,345 Central administration -68 -61 Net financial items -370 -332 Profit from property management 1,113 953 Dividend Class D shares -150 -118 Profit from property management (minority stake) -15 -15 Profit from property management (Class A and B shares) 947 820 Number of Class A and B shares, millions 214 214 Profit from property management per Class A and B shares, SEK 4.42 3.83 Rental income +19% NOI +15% Profit from property management +16%1) Vänersborg, Haren 3, School 1) Per Class A and B share. 0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 4,50 5,00 0 100 200 300 400 500 600 700 800 900 1 000 January 1 2025 April 1 2025 July 1 2025 October 1 2025 January 1 2026 April 1 2026 July 1 2026 October 1 2026 Earning capacity Profit from property managment (Class A and B shares), SEKm (left) Profit from property managemnt per Class A and B share, SEK (right)
Page 15
WELL POSITIONED IN MORE CHALLENGING MARKET Well positioned to navigate and capitalize on a more challenging market environment Tenant demand for new and modernized premises supports the addition of new projects Extensive project pipeline underpins stable and predictable growth Strong and balanced financial position with good access to capital 15 Kalmar, Eldaren 6, University
Page 16
CONFIDENTIAL Charlotta Wallman Hörlin CEO +46 733 24 50 25 Charlotta.wallmanhorlin@intea.se Magnus Ekström CFO +46 705 49 86 02 Magnus.ekstrom@intea.se Subsequent questions can be posted directly to CFO Magnus Ekström by email: magnus.ekstrom@intea.se